OQC – a leader in quantum computing-as-a-service (QCaaS) – announced that Chevron Technology Ventures, part of Chevron Corporation, has joined its $100m Series B funding round. Chevron’s investment is a significant move by a supermajor into the evolving field of quantum computing.
OQC has recently launched OQC Toshiko, an upgradable 32-qubit platform and the world’s first Enterprise-Ready Quantum Computing Platform. As the first company to integrate quantum computing into commercial data centers, OQC is bringing quantum out of the lab and into the data center. The company aims to make it possible to offer hybrid computing, integrated quantum, and high-performance computing to the market.
OQC’s technology offers several potential groundbreaking opportunities for the energy sector, including the development and optimization of catalysts and the efficiency of transportation and distribution networks. Quantum is anticipated to accelerate the energy industry’s discovery and development of new materials by simulating complex molecules to lower carbon products.
To realize this future, the energy industry requires secure, accessible and powerful quantum computing that is integrated with existing high-performance computing. Prior to the launch of OQC Toshiko, quantum computers were only available in labs, making secure access for companies and integration with existing high-performance computing the largest barriers to wider business adoption of this groundbreaking technology.
OQC recently announced that SBI Investment (Japan’s premier venture capital fund) is leading OQC’s $100 million Series B raise. And existing investors Oxford Science Enterprises (OSE), The University of Tokyo Edge Capital Partners (UTEC), Lansdowne Partners, and OTIF, acted by manager Oxford Investment Consultants (OIC), are also participating.
The ongoing funding round is the UK’s largest ever Series B in quantum computing enabling industry-leading R&D that could pave the way to quantum advantage and furthers OQC’s ability to bring next generation platforms of hundreds of qubits to businesses globally.
KEY QUOTES:
“OQC’s development of the quantum computer has the potential to change the information processing landscape by merging the bounds of engineering and physics. This is the latest investment from our Core Energy Fund, which focuses on high-tech, high-growth startups and breakthrough technologies that could improve Chevron’s core oil and gas business performance as well as create new opportunities for growth.”
- Jim Gable, Vice President, Innovation and President of Technology Ventures at Chevron
“Chevron’s investment marks a significant milestone in harnessing quantum computing for the energy sector. We’re excited to drive innovation and efficiency in exploration and renewables and pioneer enterprise-ready quantum in the energy sector.”
- Ilana Wisby, Chief Executive Officer at OQC
